While US and European exchanges are extending their reach in Asia, Asian exchanges moving ahead in the reverse direction. Obviously, the grass is always greener on the other side. For the HKEx, now the largest bourse operator in the world thanks to some succesful trading links, it is a difficult battle. The HKEx bought the LME in 2012 and business may not be picking up as quickly as hoped.
The challenges are outlined in this Reuters article. It is expected that HKEx plans to list a cash-settled metal futures contract, and possibly cross list those with a mainland exchange. So, looks like there are more exchange cooperations on its way.